Create a Marketing Plan

Selling can entail a variety of marketing strategies. Once listed, it's likely that the home will be quickly entered into the local MLS (Multiple Listing Service) and placed on Century21.com. Much of an agent’s work will be quiet and unseen – yet important. The quiet telephone calls, the work with contacts, arranging for and marketing open houses, the follow-ups with open-house visitors, conversations with ad respondents, web postings and other outreach efforts are all part of the process required to sell homes.

Your agent will create a marketing plan for your home that will help distinguish it in your local marketplace and attract buyers to your property. This may include posting your listing on the Internet, holding an open house and more. Your CENTURY 21 Sales Professionals often use the CENTURY 21 Customized Marketing System to create a personalized selling program for clients. Its purpose is to sell a home at the best price possible in the shortest amount of time.

Setting the price

A key part of the marketing plan is setting the list price. If a home is priced too low, you won’t benefit from the optimal profit. If a home is priced too high, potential buyers may be scared away. To determine the best asking price review the cost of recently sold homes, evaluate the competition and study marketplace trends. CENTURY 21 Sales Associates are trained to use this information to help you reach the right asking price. It is also helpful to discuss other terms and conditions, such as timing and items that can be included with the sale of the home. Both of these can make your home more attractive to potential buyers.

1) Location: You can't get away from this one. If your house is located in a desirable area that is in demand, you will be able to get a higher price than you can for the same house in a less desirable area.

2) Condition: A house that has been better maintained and shows better will always sell for more than one that has had deferred (neglected) maintenance and needs work.

3) Desirable amenities: If a house has amenities that are currently popular in the marketplace, it will bring a higher price.

4) Calculate the price per square foot: The average price per square foot for homes in your neighborhood shouldn't be the sole determinant of the asking price for your home, but it can be a useful starting point. Keep in mind that various methodologies can be used to calculate square footage.

A formal written appraisal can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price, or if there is any other circumstance that makes it difficult to put a value on your home. Appraisers consider the location of the home, its proximity to desirable schools and other public facilities, the size of the lot, the size and condition of the home itself and recent sales prices of comparable properties, among other factors.

First Time Seller Advice

At first, selling your home seems daunting: You haven't sold a home before, the market looks complex, and what worked for owners 10 or 20 years ago seems inappropriate today.

What steps should you take? Here's a simple list to get you started.

1. You Can Do It. Some 5.65 million existing homes were sold in 2007* , more than 15,000 a day. Other owners have done it and so can you.

2. Define Your Goal. Do you want the highest sales price -- or the biggest check at closing? They're not necessarily the same. Imagine that two homes sell for $300,000, but one owner pays 2 points and agrees to replace the roof. The owner who sold without such costs got a bigger check at settlement. The bottom line: To have a successful sale you need to look at both price and terms -- you must have a strong negotiator in your corner.

3. Times Have Changed. Today's real estate marketplace is radically different when compared with 10 years ago. Purchasers now use the Internet, receive seller disclosure forms, get home inspections, and are routinely represented by buyer brokers. The result is that buyers can be better prepared than in the past.

4. Sparkle And Shine. Imagine going to a supermarket and seeing dusty fruit or aisles filled with old shelving and cans. It doesn't happen because the grocery store knows how to present its goods. Sellers must do the same. Get rid of things you don't want to move, organize closets and storage areas, and clean everywhere.

5. Mechanics Count. Buyers expect everything to work. Home inspections are now entirely common and what buyers miss home inspectors will catch. Fix and paint things now and they won't be an issue in the future.

6. Set the stage. When buyers see your home, it's showtime. They want an environment where they can see themselves. De-clutter and hide knick knacks that will distract them from their dreams. Given them a show where everything is painted, arranged, and attractive, a home where the only issue is when to move in.

7. Know the market. Real estate is local. Your broker can explain current market trends in your community, including what's selling, what isn't selling, and why. This information is central to getting the optimal price and terms.

8. Know the competition. Your property will be competing with other homes for buyer attention. Ask your broker how to be competitive -- and how to have an edge.

9. Be realistic. Markets differ by location and time. When interest rates are low and the local job base is growing, it's great to be a seller. But when times are slack and mortgage rates are rising, homes also sell. The trick is to be realistic, to get as much as market conditions will allow.

10. Have a plan. Real estate marketing involves far more than a sign in the yard and an ad in the paper. Successful brokers use a variety of methods to attract and qualify prospects, including the latest Internet and communication advances.